HRT and Taxes

[joebailey1271]

I was wondering if it is possible to claim HRT cost on your tax deduction? I paid completely out of pocket, around or actually a little over 3000 for the year.

[run_n_fool]

It depends on how much you earn, what your other deductions are, etc. If you use any of the basic tax software you should be able to model your taxes including this medical cost. I don't recall the exact numbers but it is something like you can deduct the portion that exceeds 7.5% of your adjusted gross income. I have never had enough in out of pocket costs to meet this threshold but in your case, depending on income, you might be able to deduct some of that.

[rd27]

As run said, you have to itemize and it has to be more than 7.5% of your AGI. Another option to look at for next year would be an MSA (Medical Savings Account). That would give you the equivalent of a tex deduction for the medical expenses you channeled through the MSA.

d

[joebailey1271]

Hey thanks, yea im gonna look into that MSA

ok so if i made 100,000, then the deduction would have to be around 7501, is that the right math?

[rd27]

It's 7.5% of AGI (adjusted gross income), so its after deductions. So the the cut off is actually less. If you have insurance you probably won't get there though.

d

[rd27]

FYI, A great resource for asking tax questions is the TurboTax Live Community (https://ttlc.intuit.com/).

[joebailey1271]

cool, Thanks rd27

[kelkel]

Joe if you get an answer to that please post it here. I'm sure there are many members who would love to know!

Great question!

kel

[joebailey1271]

Yea Im gonna find out, I mean its worth a shot to get some of my money back, tired of it going to places I dont like. Ill post it, cuzz dam that would be great.

[HRTstudent]

Interesting question!

[bigboy67]

Finally.... a question I can help with... I am a CPA, and do personal taxes for a living. 100% you can take a deduction for TRT, since it is considered a medical necessity. Generally, the things not deductible are those for cosmetic purposes, like boob jobs, hgh to "look younger", you get the point. But, we have medically a cleared condition... the dreaded LOW T....

It will, as mentioned, take a shit load of cost to actually get a deduction though, >7.5% of your AGI before you BEGIN to get the deduction. So your AGI is 100,000... you have to have 7,500 to start getting a deduction... so if you had 7,502 of UNREIMBURSED medical expenses, you get a whopping $2 deduction, haha

Specifically included as deductible medical expenses are doctor's visits and prescription costs..... so spend away!

[bigboy67]

Oh, and before you jokers get any ideas, you CANNOT take a deduction for health club dues, personal trainers, supplements etc, UNLESS you are diagnosed as clinically obese, as otherwise it is considered "general" health items

[joebailey1271]

Wow, 2 bucks, wont spend all that in one place. I was reading that u can claim your insurance premiums, so it can add up.

Qualified medical expenses include preventative care, treatment and insurance premiums you pay out of pocket. Some common expenses include payments for doctor visits, prescription medicines, glasses or contact lens, hearing aids and surgery.



So is this right, or am I reading it wrong, if so that can add up.